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South African Tycoon Ivan Glasenberg’s Fortune Dips by $490 Million Within a Week

South African billionaire Ivan Glasenberg’s wealth has fallen by $490 million in the last six days, owing to market conditions that have had a substantial impact on his assets, mainly in Glencore, a Swiss multinational commodity trading and mining business.

Glasenberg, a South African billionaire, has seen his net worth decrease by $490 million in the last six days, from $8.16 billion on Feb. 3 to $7.67 billion presently, according to Bloomberg Billionaires Index statistics.

With a recent drop of $490 million, his year-to-date losses now reach $1.19 billion. This places him among billionaires whose wealth have declined by more than a billion dollars since the beginning of 2024.

Since February 3, his fortune has fallen by $490 million, resulting in an average daily loss of $81.7 million. This reduction is due to the market slump, which has had a substantial influence on the market value of his holding in Glencore.

According to Billionaires.Africa, Glencore’s share price has decreased by 7.42% from £4.18 ($5.27) on Feb. 3 to £3.87 ($4.79) as of this report.

The market value of Glasenberg’s Glencore holding has dropped by £370.91 million ($467.56 million) in the last six days, from £5 billion ($6.3 billion) on February 3, 2024, to £4.63 billion ($5.84 billion) at the time of writing.

Glasenberg’s portfolio pivots

Glasenberg is now ranked 318th among the world’s wealthiest people, down from 302nd on February 3. The majority of his money derives from his 9.81 percent ownership in Glencore, which is worth $6.82 billion.

Glasenberg is about to acquire Pinarello, a well-known Italian bicycle manufacturer, as part of its diversification strategy. The transaction, which is believed to be worth roughly €190 million ($273 million) after accounting for debt and equity, is now underway.

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